Ford Motor Company said yesterday the company expects to boost China revenue by 50 percent by 2025 compared with this year through further expanding domestic production and launching over 50 new vehicles in the Chinese market.
To support the aggressive growth, Ford said more than 15 electrified vehicles and eight sport-utility vehicles will be introduced to China.
The automaker will focus on three key areas in the next phase of its China expansion strategy — new-energy vehicle, SUV and connected vehicle, Ford said at a press conference in Shanghai yesterday.
"China is not only the largest car market in the world, it's also at the heart of electric vehicle and sport-utility vehicle growth and the mobility movement," said Bill Ford, executive chairman of Ford Motor Company. "We now have a chance to expand our presence in China and deliver even more for customers, our partners and society."
Ford plans to assemble five more vehicles domestically starting in 2019, including a Lincoln premium SUV and an electric small SUV.
"Producing more vehicles for China locally allows us to improve the benefits for our customers, our partners and our bottom line," said Peter Fleet, president of Ford Asia Pacific.
As well as the 15 new electrified vehicles to be launched by 2025, Ford said its joint venture with Anhui Zotye Automobile Co —Zotye-Ford Joint Venture — will unveil a separate range of electric vehicles under a new brand.
"We will meet the growing desire and need in China for new-energy vehicles from Lincolns to Ford cars and SUVs to an all-new electric vehicle brand," said Jason Luo, chairman and chief executive officer of Ford China. "Each of them will be .... backed by an ecosystem that makes charging, sharing and servicing easy."